Responding to Changes

Financial aid applications for the 2015-16 year require you to report 2014 income information. If your financial circumstances have changed, this information may no longer reflect your current resources or ability to pay for college expenses.

In cases where this change is both involuntary in nature and substantial in impact, we may be able to consider more current information to determine eligibility. Examples of extenuating circumstances we may consider are listed below, along with the initial documentation required to review your case. Documentation of your extenuating circumstances may be mailed, faxed, or e-mailed to our office. You may find our contact information in the sidebar, to the right. Once received we will review the documents and contact you if additional information is needed to make a determination.

Involuntary Job Loss

Criteria: A parent was employed in 2014 and is involuntarily no longer employed in 2015; and the total annual income for 2015 is expected to decrease by at least 15% from the prior year.

You may submit the following information to have your extenuating circumstances considered:

A SIGNED letter from the parent describing the situation including specific dates,

Third-party documentation of unemployment such as a letter from the former employer or state unemployment office.

Loss of Benefit or Income

Criteria: A parent who received non-wage income payments in 2014 (e.g., alimony, child support, or Social Security) will no longer receive the income; and the total annual income for 2015 is expected to decrease by at least 15% from the prior year.

You may submit the following information to have your extenuating circumstances considered:

A SIGNED letter from the parent describing the loss of income or benefit.

One-time, Non-recurring Income Distributions

Criteria: A parent who received a one-time, non-recurring income such as capital gains, IRA/Pension distribution, or settlement in 2014, and will not receive the income again; and the total annual income for 2015 is expected to decrease by at least 15% from the prior year.

You may submit the following information to have your extenuating circumstances considered:

A SIGNED copy of the parent(s) and student’s 2014 Federal tax returns,

A copy of the parent(s) and student’s W-2 Forms, Schedules C, and Schedules K-1, as applicable

A SIGNED letter from the parent describing the situation, the amount of the one-time, non-recurring income, and confirmation that the parent does not expect to have similar income in 2015.

Medical Expenses & Other Unusual Expenses

Criteria: If a family has unreimbursed medical expenses that exceed 15% of total income; and/or incur other unusual expenses which are not discretionary in nature, and exceed 15% of total income.

You may submit the following information to have your extenuating circumstances considered: